Volatility in the Gross Refinery Margins (GRM) for Reliance Industries Limited's O2C business should not be a concern for investors, according to Mayuresh Joshi of William O Neil India. He said the company had other feedstocks at its disposal to absorb the volatility, and that on the whole, the investment community was aware of this. Joshi added that retail had held up well, and that O2C had met expectations, while the market could expect an increase in ARPU from the country's telecommunications industry.